Shares of CGN Mining Co Ltd surged as much as 7.65% on Thursday after the company announced that a Canadian court has approved its planned acquisition of Fission Uranium Corp through a share swap deal.
According to the news, on October 8th, the Supreme Court of British Columbia ruled in favor of CGN Mining's acquisition of all outstanding shares of Fission Uranium. The deal allows CGN Mining to acquire Fission through a share swap where each Fission share will be exchanged for 0.1076 shares of CGN Mining's parent company CGN Power Co Ltd.
Analysts view the acquisition as a positive development for CGN Mining, as it will expand the company's uranium reserves and production capabilities. CGN Mining currently holds an 11.26% stake in Fission Uranium, and the approved acquisition will allow it to fully consolidate Fission's assets and operations.
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